02
Sep
08

Victims of globalization? I think not…

An interesting article I received from an acquaintance of mine. It touts the trade policies of the 1990’s, while remaining fixated on recent fed bailouts.

Yes, I believe it’s safe to say that emerging markets, combined with a weak dollar, have boosted commodity and energy prices, but I have difficulty seeing any validity in the argument that we as Americans have fallen victim to globalization in the recent decade.

But in this decade, rampant growth in emerging markets has mercilessly boosted prices for energy and commodities; competition from foreign workers has tamped down wage growth, and the weak dollar has made U.S. companies vulnerable to foreign buyers. “In the 1990s, we got all the upside of globalization,” said David Smick, a consultant and author of the new book “The World Is Curved: Hidden Dangers in the Global Economy.” “Now we’re getting some of the downside.”

Click here for the entire article.

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